Feb 5, 2009 8:19 am US/Central
Sun-Times Media Group CEO Quits
Cyrus Friedheim Jr. Resigns Over Recent Changes To Board Of Directors
CHICAGO (Sun-Times Media Wire) ―
Sun-Times Media Group President and CEO Cyrus Freidheim Jr. announced Thursday morning he is resigning.
In a letter to all Sun-Times News Group employees, Freidheim said he is stepping down because of recent changes to the board of directors.
Davidson Kempner Capital Management LLC, owner of about 6 percent of Sun-Times shares, received support to take over the company's board in Jan. 2008, and began replacing board members.
"It has become clear that my role in the Company has changed dramatically following this event," Freidheim said in the statement. "Hence, it is time for me to move on."
Freidheim, 73, became head of the Sun-Times media group in Nov., 2006, after service as a board member for 13 months. He replaced Gordon Paris as CEO of the company that owns the Chicago Sun-Times and suburban newspapers.
Upon taking the position, Freidheim told the Chicago Sun-Times, "I plan to stay here as long as it takes to get this done."
Prior to joining the Sun-Times Media Group, Freidheim was CEO of Chiquita Brands International from 2002 to 2004 and presided over its turnaround after bankruptcy. He also was vice chairman of management consultant at Booz Allen Hamilton.
Freidheim, the son on an insurance salesman, was born in the Hyde Park neighborhood and grew up in South Shore.
Upon taking the job, Freidheim explained the key to a turnaround is to find the things that are really important to a company's financial health.
In his Thursday morning statement, Freidheim said, "Despite these extraordinary challenges, you have been steady in your support and commitment to our Company. Together we have made enormous progress. One by one, legacy issues have been resolved, and our integrity has been rebuilt. Our infrastructure has been brought into the 21st century, though more needs to be done. Our digital capabilities have grown dramatically as have the acceptance and use of our Web sites -- again with much more to do. Our cost structure has been reshaped to fit our declining revenues last year and regrettably again this year. Our Company has outsourced, downsized and transformed our business model. Our financial and management reporting and controls have risen from unacceptable to respectable. Everyone has understood what had to be done and pitched in. You have much to be proud of."
Freidheim said the board should select a new leader who will have "total confidence" in its members and wished the company well.
(Source: Sun-Times Media Wire © Chicago Sun-Times 2009. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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